Yields dropped as demand was high for the reduced volume of bills offered and sold by the Government Debt Management Agency (ÁKK) at an auction of three-month discount T-bills on Tuesday.
The ÁKK sold HUF 40 billion of the bills expiring on November 2, the announced amount, after receiving bids for HUF 125.8 billion.
The debt manager reduced its offer by HUF 10 billion from HUF 50 billion it had offered between February 22 and the previous auction. At the previous auction held on July 19, bids for the HUF 50 billion offer totaled HUF 143.5 billion.
Average yield was 5.67%, 5bp under the yield at the previous auction of the bills a week earlier. The yield was 13bp lower than the secondary market benchmark yield calculated on a bill series which matures two weeks later than the bill offered. All accepted yields were 5.67%. Yields ranged between 5.68% and 5.75% at the previous auction.